Crayon (Buy, TP: NOK21.00) - Minor estimate changes
We have made only minor estimate revisions, and for 2018–2020e are now 0–2% ahead of consensus on revenues and 9–6% above on adj. EBITDA. Crayon is due to report its Q1 results at 07:00 CET on 15 May; we expect focus to be on its handling of software vendor incentive changes, and its US business following the management reshuffle in the quarter. We reiterate BUY and our NOK21 target price.
DNB Markets is the investment banking arm of DNB Bank ASA and is focused primarily on the Nordic region, as well as internationally on niches such as global shipping, energy and related services, and seafood. DNB Markets offers services in FICC, Equities and Investment Banking advisory from offices in Oslo, Stockholm, London, Singapore and New York. Equity research coverage is offered on c250 Nordic companies. DNB was ranked no.2 in Extel Nordic Research 2017. The DNB Markets’ Credit and FICC Macro & FX Research teams are repeatedly highly rated by Prospera Nordic Institutional Investor Surveys.
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